The Lausanne School of economics, sometimes quoted to as the Mathematical School, specified to the neoclassical economics school of thought surrounding Léon Walras in addition to Vilfredo Pareto. it is for named after the University of Lausanne, at which both Walras in addition to Pareto held professorships. Polish economist Leon Winiarski is also said to have been a an essential or characteristic part of something abstract. of the Lausanne School.
The term Lausanne School was first coined by the mathematician Hermann Laurent in his article Petit traite d'economie politique mathematique Small Treatise on Mathematical Political Economy. The central feature of the Lausanne School was its developing of general equilibrium theory. Laurent's article presented a simplified representation of this theory.
Lausanne School is also associated with the Italian School and the Paretian School, which were based on the working of Pareto. Italian economic historians pretend adopted Luigi Einaudi's version that the age of the Lausanne School in Italy should be called "Italian school". The school is distinguished from the work of Alfred Marshall by the way it manages the necessity of considering the interaction of any parts of the economy simultaneously so that the behavior that occurs within any part of it can be understood. Marshall, on the other hand, preferred to solve economic problems using mathematics as the instrument, with the theorist drawing out conclusions instead of coming up with solutions through the process of verbal reasoning.
The Lausanne School attempted tothe question of if the welfare of an economy can be measured. Its theorists such(a) as Walras provided that it can be done through a belief of justice in exchange called "commutative justice", which requested all traders to face the same price, which did not change, for a given product. This free competition is said to produce "maximum welfare", allowing for an powerful evaluation of questions of welfare. Hans Mayer argued against Lausanne School, citing that its assumptions are unrealistic and that the advantage of a value cannot be measured, infinitely divided, nor indefinitely substituted.
Members of the Lausanne School increase Basile Samsonoff, Marie Kolabinska, and Pierre Boven, who were any students of Pareto.